Why you should use a property manager to look after your investment property
One of the primary decisions to make when you’re ready to get tenants into your rental property is whether you should use a property manager.
A property manager will cost a small percentage of your total rental income each week, which is a factor that causes some people to question this option and manager the property themselves. However, the services that a rental agency can be worth far more than the fees. Renting a property requires a lot of work and a high level of commitment, which many property owners don’t have the time or the inclination to put in. A good property manager will handle all the headaches for you, making your life much easier. You will want to make sure that you find someone who is experienced, has exceptional local knowledge of the area and has positive reviews.
Duties of a property manager
If there are any problems with late payments or damaged property, a property manager is there to deal with these issues so that you can avoid any unpleasant confrontations. Property managers should know the state legislation thoroughly and can advise landlord about their rights. A good property manager does far more than just rent your home and collect your money for you. They also facilitate mediation in the event oflate payments (providing a debt-collection service if necessary), organise emergency repairs, organise maintenance and even handle the payment of various bills. The property manager helps provide a complete management service, to help you avoid wasting your own time and money.
Some of the duties that you can expect from a good property manager include:
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Advertising and marketing your property
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Sourcing and screening potential tenants
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Managing your financial accounts
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Completing inspections on a consistent basis
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Organising and sourcing tradespeople for repairs and maintenance
If you prefer to take care of some of these tasks yourself, you can write this into your contract. A quality property manager will give you as much or as little involvement with the daily management of your rental property as you like. We specialise in multi-tasking and are highly qualified to prioritise and perform any or all of these duties. You can expect our team to help you with matters of communication, negotiation and conflict resolution.
Working with tenants in your rental property
When you are first thinking about renting out your property, you may not have a full picture of the amount of work that goes into it. A property management team can help you find suitable renters to help you avoid periods of vacancy and income loss.
As the leading rental agency on the upper north shore, we also have a large tenant database to find the right tenant in the shortest possible time. In addition to showing your property to prospective tenants, we are involved in the screening of tenants to make sure the landlord choose reliable tenants that reference well.
One of the major roles of a good property manager is acting as the liaison between the landlord and the tenant. If any calls need to be made for repairs or if the tenant has any complaints, these can be handled by the property manager to make your life easier. We help to make sure that both parties are able to relate appropriately to one another, clearing up misunderstandings and resolving issues.
Managing paperwork and responsibility
There’s a remarkable amount of paperwork that can be involved in managing a rental property including property rules and regulations, lease agreements and contracts for repairs and maintenance, and more. Property managers are able to keep these files well organised, ensuring that nothing slips through the cracks. Experienced property managers will also keep tabs on the latest zoning regulations, federal and state laws, property values, and landlord rights. They will watch rental prices for your region closely, staying up-to-date on the current market conditions in order to best advise you when it comes to your investment. With this attention to detail, they will help you decide if it’s time to raise the rent or make key repairs.
The qualities of a good property manager
To excel at all of these tasks, a good property manager will be proactive and trustworthy. They will be willing to go the extra mile to ensure that both the tenant and the landlord are satisfied with their rental situation. Property managers will check in using various means, including phone interviews, regular inspections, and surveys. They are usually sociable, friendly, and cooperative people. This helps them diffuse tense situations and handle uncomfortable situations with ease. They will be the go-to person for both parties, resolving conflict positively.
There are many benefits in choosing a local real estate agent with a strong working knowledge of your area. With knowledge of the local market, your agent will be able to inform potential tenants of all of the relevant information they need regarding the house and the surrounding neighbourhood.
There is a great deal of work that goes into managing a rental property. If you don’t have the time or the inclination to deal with repairs, problem tenants and marketing a vacant property, you’llprobably want to hire a property manager. The percentage of your rental income that pays for a property manager will pay off because you can sit back and relax. The alternative is to risk lost income if your property sits vacant or if you have trouble with your tenants.
Have a question about your investment property? Speak with our property management expert, Kenny today.
